<p>Reserve Bank of India governor Shaktikanta Das addressed the media on Friday amidst the steep fall in the rupee and the continuing volatility in other segments of the financial markets due to the coronavirus pandemic. Das made some significant announcements during the interaction.</p>.<p><strong>Here are the key takeaways from the RBI governor’s media address:</strong></p>.<p>1) Since March 27, the global macroeconomic situation deteriorated. India is among a handful of countries to cling on to a positive growth rate.</p>.<p>2) India's forex reserves enough for 11.8 months of imports. Well maintained at $476.5 billion.</p>.<p>3) India's growth rate is expected to be the highest among G20 nations, as per IMF estimates.</p>.<p>4) India expected to post a sharp growth turnaround in FY22.</p>.<p>5) On April 14, the International Monetary Fund (IMF) released its global growth projections revealing that in 2020, the global economy is expected to plunge into the worst recession since 'The Great Depression'.</p>.<p>6) Since March 27, the macroeconomic and financial landscape has deteriorated precipitously in some areas, but light still shines through in some others.</p>.<p>7) CPI inflation for march stands at 5.9%. Data showed a softening of food inflation. Pressure remains in other categories. Food prices have increased by 2.3% in April. Onion prices declined. LPG prices declined. these suggested inflation on a declining trajectory.</p>.<p><strong>Key announcements made by RBI governor:</strong></p>.<p>1) To maintain adequate liquidity in the economic system and facilitate bank credit flows, RBI takes new measures.</p>.<p>2) Small and mid-sized corporates badly affected due to COVID-19. RBI to conduct long term repo operations for them.</p>.<p>3) NHB to be allotted Rs 10,000 crore under special refinancing facility.</p>.<p>4) It has been decided to provide special refinance facilities for an amount of Rs 50,000 crore to National Bank for Agriculture & Rural Development, Small Industries Development Bank of India, and National Housing Bank to enable them to meet sectoral credit needs.</p>.<p>5) In order to encourage banks to redeploy money into productive sectors, RBI reduces reverse repo.</p>.<p>6) It has been decided to reduce the fixed reverse repo rate under liquidity adjustment facility (LAF) by 25 basis points from 4% to 3.75%, with immediate effect.</p>.<p>7) 90-day NPA norm not to apply on moratorium granted on existing loans by banks.</p>
<p>Reserve Bank of India governor Shaktikanta Das addressed the media on Friday amidst the steep fall in the rupee and the continuing volatility in other segments of the financial markets due to the coronavirus pandemic. Das made some significant announcements during the interaction.</p>.<p><strong>Here are the key takeaways from the RBI governor’s media address:</strong></p>.<p>1) Since March 27, the global macroeconomic situation deteriorated. India is among a handful of countries to cling on to a positive growth rate.</p>.<p>2) India's forex reserves enough for 11.8 months of imports. Well maintained at $476.5 billion.</p>.<p>3) India's growth rate is expected to be the highest among G20 nations, as per IMF estimates.</p>.<p>4) India expected to post a sharp growth turnaround in FY22.</p>.<p>5) On April 14, the International Monetary Fund (IMF) released its global growth projections revealing that in 2020, the global economy is expected to plunge into the worst recession since 'The Great Depression'.</p>.<p>6) Since March 27, the macroeconomic and financial landscape has deteriorated precipitously in some areas, but light still shines through in some others.</p>.<p>7) CPI inflation for march stands at 5.9%. Data showed a softening of food inflation. Pressure remains in other categories. Food prices have increased by 2.3% in April. Onion prices declined. LPG prices declined. these suggested inflation on a declining trajectory.</p>.<p><strong>Key announcements made by RBI governor:</strong></p>.<p>1) To maintain adequate liquidity in the economic system and facilitate bank credit flows, RBI takes new measures.</p>.<p>2) Small and mid-sized corporates badly affected due to COVID-19. RBI to conduct long term repo operations for them.</p>.<p>3) NHB to be allotted Rs 10,000 crore under special refinancing facility.</p>.<p>4) It has been decided to provide special refinance facilities for an amount of Rs 50,000 crore to National Bank for Agriculture & Rural Development, Small Industries Development Bank of India, and National Housing Bank to enable them to meet sectoral credit needs.</p>.<p>5) In order to encourage banks to redeploy money into productive sectors, RBI reduces reverse repo.</p>.<p>6) It has been decided to reduce the fixed reverse repo rate under liquidity adjustment facility (LAF) by 25 basis points from 4% to 3.75%, with immediate effect.</p>.<p>7) 90-day NPA norm not to apply on moratorium granted on existing loans by banks.</p>
